October 22, 2021
Newrez Raises Conforming Loan Limit Up to $625,000
Fort Washington, PA— Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, announced today it will expand conforming loan limits for conventional loans in all states to at least $625,000 across its Direct to Consumer (“DTC”), Joint Venture and Wholesale channels, effective October 22, 2021.
The Company’s expanded conforming loan limit precedes the 2022 baseline national conforming loan limit, which is expected to be announced by the Federal Housing Finance Agency (“FHFA”) in November. Newrez’s cap raise on conventional loans from $548,250 to $625,000 allows more borrowers to qualify for larger loan amounts as rates remain low.
“Raising conforming loan limits allows Newrez to serve more borrowers through larger conventional loans rather than jumbo loans, which historically have higher interest rates and are harder to qualify for,” said Jeff Gravelle, Chief Production Officer. “As home prices continue to rise and home values appreciate, the expanded conforming loan limits empower borrowers to have more buying power in today’s market.”
For more information on Newrez’s loan offerings, visit https://www.newrez.com/find-a-loan/.
Newrez is a leading mortgage company that combines mortgage origination and servicing to provide a customer-first journey and help our customers make smart moves throughout the lifetime of their mortgage loans. Differentiated by its origination platform, the Company provides customers with unparalleled lending options to purchase and refinance. Its servicing business services loans on behalf of Newrez customers and includes third-party servicing brand, Shellpoint Mortgage Servicing. Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the New Residential Investment Corp. family.
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